Uncategorized

January is Financial Wellness month, which was meant to remind us to give our financial wellbeing some extra attention starting the new year. We all know that financial stress can be a burden, but it can also have a negative effect on your health. Understanding the relationship between financial and physical wellness can help you improve both areas of your life.

Financial stress often causes anxiety, depression and hopelessness, and that stress can also contribute to heart disease, high blood pressure, insomnia, more frequent colds and minor illnesses and more. Plus, many cope with financial stress in unhealthy ways, such as smoking, drinking and over-eating, which can decrease overall health.

Here are healthy ways to cope with that stress and make it more manageable:

1. Recognize your unhealthy coping methods and find alternatives such as meditation, exercising or talking with a friend.
2. Take care of yourself.  Get enough sleep, eat right, drink plenty of water and exercise regularly.  Make time for yourself to just relax and unwind.
3. Talk to an advisor regarding your financial troubles.  You won’t be able to fix them overnight, but having a plan of action can help you feel in control and minimize feelings of hopelessness.
4. Access the many free resources available on YouTube, Search Engines to find a budget tracking system that will work best for you.  There are many free or cost effective apps, tools, and guidebooks to assist you.

Know that you aren’t alone and utilize this month to help make a plan to get your financial wellness back on track!

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.

Recent research from the Centers for Disease Control and Prevention found that drivers ages 16-19 are more likely to be involved in a motor vehicle crash than any other age group. Nevertheless, newly licensed teens can avoid accidents by upholding safe driving practices on the road. Be sure to give your teen the following tips for staying safe behind the wheel.

• Always use your seat belt, even if you’re just going for a short drive down the block.
• Never drive under the influence of drugs or alcohol. Remember that prescription medications can impact your driving, too.
• Avoid driving at night if you don’t have much experience behind the wheel.
• Watch the forecast to avoid any inclement weather.
• Always try to stay at least four seconds behind the vehicle in front of you. This can help give you more reaction time in the event of an emergency.
• Never use your cellphone in your car.
• Don’t drive with more than one other person in your car until you feel more comfortable behind the wheel—this will help you to stay focused on the road and the traffic around you.
• If you ever feel uncomfortable driving or feel as though the road conditions are too dangerous, pull over and par your vehicle as soon as it is safe to do so.

Tips for Parents

In addition to giving your newly licensed teen this guidance, you can take precautions to help them stay safe behind the wheel as well. Be sure to have open conversations with your teen about driving risks to ensure they understand how serious the consequences of unsafe behaviors can be.

Further, remember that when it comes to driving, your teen will follow your lead. Make sure you set a good example by following the rules of the road whenever you get behind the wheel. Lastly, it’s vital to protect your teen driver as they hit the road by updating your auto insurance policy. For coverage guidance, contact us today.

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.

In today’s increasingly litigious environment, lawsuits stemming from liability incidents have surged in frequency and severity, leaving many organizations with substantial losses. Due to the complex nature of these losses, they could potentially surpass organizations’ primary liability coverage limits, which refer to the maximum amount that an insurer will pay toward a claim. In these instances, such losses could exacerbate organizations’ out-of-pocket expenses and pose lasting financial challenges. Fortunately, that’s where commercial umbrella insurance can help. This coverage can provide financial protection for losses that exceed the policy limits found within an organization’s standard liability insurance portfolio. In other words, commercial umbrella insurance offers an additional safety net by stepping in to cover the remainder of large-scale losses after primary liability policy limits have been exhausted. Such coverage can make all the difference in helping organizations minimize out-of-pocket expenses amid costly liability incidents.

With this in mind, organizations should clearly understand this coverage and its main protections. This article highlights the value of commercial umbrella insurance by explaining common policy features and outlining key coverage benefits.

Common Policy Features

Commercial umbrella insurance is a flexible form of coverage that can help supplement several traditional liability policies, including general liability insurance, commercial auto coverage and employment practices liability insurance. If an organization experiences a covered event under one of these policies but total losses exceed the policy’s limit, commercial umbrella insurance may help pay for the remaining expenses. For example, suppose an organization encounters a lawsuit after one of its commercial vehicles is involved in an accident that injures other drivers on the road. If the lawsuit generates $1.25 million in losses and the organization’s commercial auto coverage has a $1 million policy limit, commercial umbrella insurance could help pay for the remaining $250,000 in losses once that primary policy limit has been exhausted.

Commercial umbrella coverage usually applies to losses involving liability-related litigation. Taking a closer look at the main components of this coverage, here are some common policy features:

Insurers generally offer commercial umbrella policies with aggregate limits between $1 million and $15 million, sold in increments of $1 million. The amount of coverage needed will depend on an organization’s industry, operations and related exposures. Organizations can consult insurance professionals to discuss their unique risks and determine appropriate levels of commercial umbrella coverage.

Key Coverage Benefits

Organizations may need commercial umbrella insurance for a wide range of reasons. Here are some key coverage benefits for organizations to consider:

Conclusion

Commercial umbrella insurance plays a major role in helping organizations reduce the fallout from liability incidents and associated lawsuits, allowing them to enhance their primary coverage capabilities and ensure ongoing operational success. By reviewing common policy features and key benefits provided by such coverage, organizations can tailor their commercial umbrella insurance to their needs and foster a comprehensive risk management strategy. For more information on Commercial Umbrellas, contact us at feedback@dimondbros.com for more information or connect with your local Dimond Bros. team member. 

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.

Regardless of industry, small businesses encounter a variety of risks in their everyday operations. These exposures can lead to significant financial losses, making it crucial to secure tailored insurance policies. However, there is no one-size-fits-all solution for all organizations; risk profiles vary widely, and several factors affect insurance costs. Understanding these influences is essential for small business owners to make informed decisions when building their insurance portfolios. This article outlines seven key factors, offering valuable insights into how insurance costs are determined.

1. Types of Business and Industry

A business’s type and its industry can affect its insurance rates. For example, high-risk industries like construction or manufacturing tend to have higher premiums, while low-risk sectors like accounting or consulting will have lower premiums.

2. Business Location

Where a business is located impacts its insurance rates due to region-specific risks, such as natural disasters and crime. Additionally, state and local regulations may require specific insurance coverage, ultimately influencing insurance costs.

3. Coverage Types

Various types of insurance are needed for different businesses based on their specific risks. While most require common coverage types, such as general liability insurance and commercial property insurance, others may need specialized policies due to the nature of their business. For instance, a business with goods in transit may need inland marine insurance, whereas others may not. These different coverage needs impact overall insurance costs.

4. Policy Limits and Deductibles

Limits are the maximum amount an insurer will pay for a claim, and deductibles are the amount an insured business is responsible for paying before the insurance company pays the claim. Both limits and deductibles affect costs. Higher limits increase coverage but raise premiums, while higher deductibles lower premiums but increase the business’s out-of-pocket costs in the event of a claim.

5. Business Size

Insurers calculate premiums using metrics such as employee count, payroll, revenue and assets. Generally, larger businesses will be more expensive to insure because they have more exposures that can lead to claims (e.g., more employees that can be injured, more property that can be damaged and higher losses during business interruptions).

6. Claims History

A business with a history of claims is perceived as riskier, often resulting in higher premiums, and can even affect a business’s eligibility for specific policies. Conversely, businesses with fewer claims and good risk management practices can benefit from lower insurance costs.

7. Experience and Track Record

A small business owner’s experience can impact insurance confidence and premium pricing. Typically, an insurer will view a business with longevity as an indication that the business is inclined to operate more safely, creating fewer claims.

Small business owners should evaluate their insurance needs carefully, manage risk proactively and consult with a knowledgeable insurance agent for the best coverage at an affordable rate. For more information about your Small Business Coverage, contact us at feedback@dimondbros.com for more information or connect with your local Dimond Bros. team member. 

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.

All employers with one or more Illinois employees must either adopt the Illinois Department of Human Rights’ (IDHR) model sexual harassment prevention training program or use a different program that meets or exceeds the model’s minimum standards. Dimond Bros. can provide access to their clients and employees an approved training module and platform. The training must be given to all employees annually and to new employees as soon as possible after hire (but not later than Dec. 31 of the year they were hired) and include, at a minimum:

• An explanation of sexual harassment under Illinois law
• An explanation of conduct that constitutes unlawful sexual harassment
• A summary of relevant federal and state statutory provisions concerning sexual harassment, including remedies available to victims of sexual harassment
• A summary of responsibilities of employers in the prevention, investigation and corrective measures of sexual harassment

Employers must also keep a record of all trainings they provide. These records, which may be in the form of written or electronic certificates, signed employee acknowledgements or course sign-in worksheets, must be available for IDHR inspection upon request. Please note: Restaurants, bars, hotels, and casinos in the state are subject to additional training requirements.

If you are in need of an approved Illinois Sexual Harassment Training program please contact your Dimond Bros. representative today to be set up.

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.

Floods impact thousands of U.S. homeowners every year and inflict billions of dollars in property damage. Unfortunately, many homeowners don’t realize that standard home insurance doesn’t cover floods. That’s why having adequate flood insurance coverage should be considered a top priority for anyone with a home, as floods can happen anywhere.

However, even after you’ve secured the right flood insurance, navigating the claims process following an incident can be a complicated task. This article outlines general steps to consider when submitting a flood insurance claim.

How to File a Flood Insurance Claim

After a flood inflicts losses on you and your property, you should be prompt in beginning the claims process. Consider the following steps:

• Make contact. Reach out to your insurance agent or carrier as soon as possible. If you have coverage through the National Flood Insurance Program, you can call 877-336-2627 for help finding the necessary contact information.
• Document losses. Take photos and videos of damaged items, including the structural elements of your home and possessions. Be sure to thoroughly document items that must be discarded. This evidence should include serial numbers of larger appliances and receipts for damaged items. Additionally, hold on to samples of carpeting, wallpaper, furniture and other materials damaged by floodwater.
• Discard flooded items that pose health risks. After documenting damaged items, discard those that might cause harm, such as perishable foods and soaked pillows. It’s crucial to take steps to limit mold growth.
• Prepare for inspection. After filing a claim, your case will be assigned to an adjuster. This party will make an appointment to inspect your property and losses.
• Meet with your adjuster. Be sure to verify your adjuster’s identity and qualifications upon their arrival and document their contact information. They should provide you with essential information on the claims process, discuss the specific details of your coverage and answer your questions.
• Seek repair estimates. When searching for assistance with repairs, such as your home’s electrical and plumbing systems, be sure to speak with your insurance representative before entering into a formal agreement. Additionally, take care to verify any contractors you may work with are licensed, bonded and insured.
• Await payout. Based on their findings, your insurance adjuster will make a recommendation regarding your claim. Scrutinize any offers to ensure estimates are accurate and complete. You will be asked to sign a proof of loss document at this time, which allows you to begin receiving aid for agreed losses but does not prevent you from requesting additional funds at a later date.
• Contest decisions (if necessary). If your claim is denied or you disagree with the insurer’s offer, you should first work with them to attempt to find a solution. If unsuccessful, you can also contact the Federal Emergency Management Agency within 60 days or file a lawsuit within one year of your denial. Should you and your insurance company disagree on the value of your losses, you may seek an appraisal to resolve the dispute.

For More Information

The flood insurance claims process can be nuanced, complex and even confusing. But by knowing what to expect ahead of time, you may be better equipped to handle the aftermath of potentially catastrophic losses with limited stress. For more information about this type of coverage or filing a claim against your policy, contact us at feedback@dimondbros.com for more information or connect with your local Dimond Bros. team member. 

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.